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FRIDAY 27TH MAY 2005  BUY TO LET AT A STANDSTILL The buy-to-let market has come to a standstill as a result of rising interest rates according to The Royal Institution for Chartered Surveyors’ (RICS) latest lettings survey, published today (Friday, 27th May). New instructions from landlords to let their property halted for the first time since 1998. This indicates a flat housing market and that current interest rates are deterring new buy-to-let investors from entering the market. Despite this, existing landlords are holding firm, with a declining number putting their property up for sale after tenancy agreements expire or are due for renewal. The market is also seeing increased tenant demand as prospective buyers’ wait until the wider housing market stabilises. Tenant demand is rising at a faster pace across most of the country. 21% more surveyors report a rise in tenant demand, up from 14% in the previous quarter. The demand is greater for flats, which are seeing the largest demand increase in two years. Rent increases are spread across the country, with the biggest rises in the Midlands and the eastern region. Surveyors continue to expect moderate rental increases, with 14% expecting rents to rise in the next three months, though their optimism has dipped slightly since the beginning of the year. Any deterioration in the employment market could reduce expectations further. Investors’ rental returns rose for the first time since 2000 as a result of increasing rents alongside stable house prices. The rise in gross yields has been quite small compared to the rise in borrowing. RICS letting agents estimate that gross yields are around 5% compared to average buy-to-let mortgage rates of between 6 and 7%. Stagnation of the buy-to-let and wider housing market has led several leading chartered surveyors to warn potential investors against ‘get-rich-quick’ schemes which seek to capitalise on inexperienced investors’ perceptions that property is an easy way to easy money. According to RICS spokesperson, Jeremy Leaf: "Poor prospects on return and capital growth are keeping new investors out of the buy-to-let market although continuing healthy tenant demand means existing landlords are holding firm." "Another reason why investors are holding on to their residential real estate may be imminent changes to pension rules (A-Day, April 6, 2006). After this residential property will be allowed to be included in personal pension funds for the first time." "Already some companies are marketing an effective discount on property purchased now. That is, buy off-plan now, benefit from any capital growth and then include the property in your pension next year. However, as always investors should be cautious and consult a professional adviser or they risk getting caught out."

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